News Summary

• Growth in gross domestic product decelerated from a 2.5% pace from January through March.
• The second-quarter growth was an improvement on the department's previous estimate of 1.5%.
• Consumer spending increased at a healthy 3.8% annual pace, up from 0.7% in the January-March period.
• Spending has been helped by a strong stock market, which reflects enthusiasm over the prospects for artificial intelligence and which enriches wealthy investors and gives them more money to buy things with.